- New York Adopts New Cannabis Regulations. The New York State Legislature has passed new regulations for the state’s recreational cannabis market. The regulations allow for the sale of cannabis products for adults 21 and older, and they establish a licensing system for businesses that want to participate in the market. The regulations also set standards for product testing and labeling, and they establish a social equity program to help communities that have been disproportionately affected by the War on Drugs.
- California Lawmakers Send Cannabis Cafe Bill to Governor for Signature. A bill that would legalize cannabis cafes in California has been sent to Governor Gavin Newsom for his signature. The bill, SB 996, would allow cities and counties to permit cannabis cafes where adults could consume cannabis products. The bill would also require cannabis cafes to have a license from the state and to follow certain regulations, such as prohibiting the sale of alcohol.
- Michigan Marijuana Store Owner Convicted of Federal Tax Evasion. A marijuana store owner in Michigan has been convicted of federal tax evasion. The owner, who was not identified, was accused of failing to report more than $1 million in income from his marijuana business. He was sentenced to 24 months in prison.
- Hemp-CBD Firm Charlotte’s Web Replaces CEO after Shareholder Group’s Revolt. The board of directors of hemp-CBD firm Charlotte’s Web has replaced its CEO after a shareholder group revolted. The group, which owns about 10% of the company, had called for the CEO’s removal, citing concerns about the company’s financial performance and its strategic direction.
- August Cannabis Sales Reach $24.9M in Connecticut and $21.6M in Maine. Cannabis sales in Connecticut and Maine both increased in August, according to the latest state data. In Connecticut, sales reached $24.9 million, up from $22.8 million in July. In Maine, sales reached $21.6 million, up from $19.8 million in July.
These are just a few of the latest news on cannabis. The cannabis industry is rapidly growing, and there is a lot of activity happening in the space. Stay tuned for more news on this exciting industry!
In addition to these news, here are some other developments in the cannabis industry:
- The World Anti-Doping Agency (WADA) is considering removing cannabis from its list of prohibited substances. This would allow athletes to use cannabis without fear of being penalized.
- The United States Food and Drug Administration (FDA) is reviewing the safety and efficacy of CBD products for a variety of medical conditions. If approved, CBD could become a mainstream treatment option for many people.
- Cannabis tourism is becoming increasingly popular. Many countries, including Canada, Mexico, and Uruguay, have legalized recreational cannabis, and tourism to these countries has increased.
The cannabis industry is still in its early stages, but it is growing rapidly. With more and more countries legalizing cannabis, the industry is poised for significant growth in the years to come.